Every day entrepreneurship is growing with more people who are taking the risk into making their dreams and passion a reality. With the amount of communication and resources online today, there is a wide variety of information available for guidance and information on how to prepare to become an entrepreneur. They do not, however, guarantee that you will succeed so pay attention to these common failures and make sure that you avoid making them.

1. The cash flow mistake: We all know that the correct management of finance and management of resources is essential for the creation and survival of a business, however, many do not pay attention to what this really means. It is necessary to assess income statements, cash flow statements and balance sheets to make informed and smart decisions on the business’s future. It is common for misinformed entrepreneurs to believe that once they have received a first investment, the rest will be easy. This is not correct and managing the cash flow in the business is always necessary. There has to be a clear policy on the way you are going to pay back money and collect enough to pay interests as well.

2. Second common mistake is the few knowledge many have on how to build second tier management. Of course, if it is your own business, then you are the head of every decision that is made, but many companies as they grow need more people to be in charge of activities. This is where many fail because business owners don’t give power to others and don’t trust that anyone else will manage the business as well as they do, so they try to control everything and simply, fail.

3. Last but not least, it is very important that an entrepreneur knows early on how to prioritize tasks. Of course, it would be ideal to do every single thing at a time but since time is limited, you must have a general knowledge of your company’s priorities so that you know on what to dedicate most time on. According to Riju, from the Business tech world “The task prioritization and delegation go hand in hand. Many things are happening within a company such as handling projects, recruiting, branding and marketing to name a few. Being a one-man army will indefinitely lead you to failure; you need to quit the juggling act. Delegation with authority helps you focus more on strategic decision making, which is a must for growing business strategies.”